March 12, 2002 JACKSON, Miss. – EastGroup Properties (NYSE:EGP) has elected Hayden C. Eaves III to serve as director of the REIT. He replaces John N. Palmer who resigned to become the U.S. Ambassador to Portugal. Eaves is...

March 12, 2002 WASHINGTON – The General Services Administration is offering nearly 15 acres of air rights for sale near Union Station in Northeast Washington. Ownership of the air rights will allow development from the railroad tracks immediately...

March 12, 2002 NEW YORK – Grubb & Ellis (NYSE:GBE) is acting to increase its immediate operating efficiencies by reducing its work force, but did not disclose how many employees would be affected by the cuts.Grubb & Ellis...

March 12, 2002 BINGHAM FARMS, Mich. – Malan Realty Investors Inc. (NYSE:MAL) said four of its properties contain stores that have been earmarked for closure by Kmart Corp.The four properties – in Topeka, Kan., Forestville, Md., and Madison...

March 12, 2002 Commercial Real Estate Direct Staff ReportAllied Capital has circled the subordinate bonds of an upcoming CMBS conduit from GE Capital, to be underwritten by Deutsche Bank and Bear Stearns.The deal is still formulating and is...

March 12, 2002 Collateralized debt obligation, underwritten by Wachovia Securities and Deutsche Bank. Price talk and date of final pricing were not available as of this posting. Class Amount Rating Moody's Rating S&P Rating Fitch Avg. Life Priced...

March 12, 2002 NEW YORK – New Plan Excel Realty Trust Inc. (NYSE:NXL) said five Kmart Corp. stores at properties it owns are among the 284 that the retailer said it plans to close.The stores, which total 490,900...

March 12, 2002 ROCKVILLE, Md. – Federal Realty Investment Trust (NYSE:FRT) has adopted a new business plan to focus on its traditional business of acquiring and redeveloping community and neighborhood shopping centers. As a result, the company has...

March 12, 2002 DALLAS – Archon Financial has provided $36.3 million of mortgage debt on a portfolio of industrial and office properties in the St. Paul., Minn., area that is owned by Crow Holdings.The 10-year mortgage, which carries...

March 11, 2002 Equity Residential is expected to name Bruce W. Duncan as president – succeeding Douglas Crocker II, who is stepping down as president but retaining his title and duties as chief executive.Duncan is a director and...

March 11, 2002 PLAINFIELD, Ind. – J.P. Morgan Mortgage Capital has provided $13.3 million in permanent financing for a 173,000-square-foot retail center two miles west of Indianapolis International Airport.The 20-year fixed-rate financing was arranged by David B. Keller,...

March 11, 2002 ATLANTA – JDN Realty Corp. (NYSE:JDN) has one lease for an 86,479-square-foot Kmart store in Stockbridge, Ga. that the discount retailer plans to close.The store represents about $329,000 in annual rent.JDN is also in preliminary...

March 11, 2002 NEW YORK – Fitch has downgraded Asset Securitization Corp.'s 1997-D5 because of further deterioration of the pool due in part to exposure to Kmart.Fitch downgraded the:– $39.5 million class A-5 to triple-B from triple-B-plus;– $43.9...

March 11, 2002 PARAMUS, N.J. – Vornado Realty Trust (NYSE:VNO) has extended its employment agreement with its president, Michael D. Fascitelli, for five years.Under the agreement, Fascitelli will receive a deferred payment in five years of 626,566 Vornado...

March 11, 2002 BETHESDA, Md. – The underwriters of LaSalle Hotel Properties' (NYSE:LHO) have exercised their option to buy an additional 511,9000 shares of the company's 10.25 percent series A cumulative preferred shares – making the total issue...

March 11, 2002NEW YORK – Equity Residential Properties Trust has priced $400 million of 6.625 percent senior unsecured notes due March 2012.The 10-year notes priced 145 basis points over Treasury.Fitch has rated the transaction single-A-minus, while Moody's assigned...

March 11, 2002 HORSHAM, Pa. – GMAC Institutional Advisors, a subsidiary of GMAC Commercial Mortgage Corp., has acquired Grecam, France's leading provider of market surveys and information for real estate professionals.Terms were not disclosed.Grecam provides data for commercial...

March 11, 2002 Prudential Mortgage Capital has provided a $9.15 million loan secured by a 204-unit garden apartment complex in Columbia, S.C., and an $8.75 million loan for six self-storage properties throughout Georgia.The 10-year, $9.15 million loan, which...

March 11, 2002 Commercial Real Estate Direct Staff ReportRealpoint has identified 43 CMBS transactions that have an exposure to Kmart stores that are on the retailer's latest list of proposed lease rejections.Meanwhile, Trepp LLC has updated its findings...

March 11, 2002 WASHINGTON – CarrAmerica Realty Corp. (NYSE:CRE) has promoted Stephen E. Riffee to the position of chief financial officer, effective April 1. He will succeed Richard Katchuk, who is retiring March 31.Riffee, who has served as...

March 11, 2002 COLUMBUS, Ohio – Glimcher Realty Trust (NYSE:GRT) has completed the $19.6 million sale of Georgesville Square, a 241,000-square-foot shopping center in Columbus that is anchored by a Kroger and Lowe's.The buyer of the property, which...

March 11, 2002 Apartment Investment and Management Co. (NYSE:AIV) has completed its purchase of Casden Properties, a private REIT that owns 17,383 apartment units.The $1.5 billion deal, agreed to late last year, gives Denver-based Aimco 6,356 apartment units...

March 11, 2002 PHILADELPHIA – An opportunity fund managed by local financiers Ira Lubert and Dean Adler has put the 988-unit Presidential City Apartments on the sales block for $81 million, or $79,487/unit.The fund bought the property, which...

March 11, 2002 John Mulligan, the head of CMBS trading at Merrill Lynch, was incorrectly identified in a story published Friday, "Merrill Lynch Traders Jump to JP Morgan Chase."

March 11, 2002 Colonnade development in Birmingham sold for $55.5MlnBirmingham (Ala.) Business Journal BIRMINGHAM, Ala. – Koger Equity has sold the Colonnade office and retail development off U.S. Highway 280 to AP Knight LP for roughly $55.5 million....